The Neopay platform has already initiated over €1 billion in payments this year
The Neopay platform, which provides payment initiation service (PIS), has reached a new record by initiating more than €1 billion in payments this year even before the end of the third quarter.
As an e-payments partner, Neopay will start the last quarter of the year with not just €1 billion in payments under its belt but also 14 million transactions. In 2021, 16 million payments were initiated with Neopay’s help for a total of €964 million, which in turn was twice as much as in 2020.
“A billion euros of payments even before year-end is a big achievement for Neopay. It’s also confirmation that our team is moving in the right direction, constantly improving existing services, and introducing new even more advanced possibilities for customers. We closely monitor the market and listen to customers’ needs. For instance, we recently launched a new automated refunds service. Product returns and refunding money are something common in e-commerce, and performing the procedures manually takes a lot of time. So, I believe this feature will help make things easier and more efficient for e-businesses. Offering capabilities like that, ensuring maximum security, and reacting quickly on the team to challenges helps us build strong relationships with our customers and continue to attract new ones,” says Vytautas Oleškevičius, the head of Neopay.
One factor contributing to the business’s growth is Neopay’s fast expansion to markets abroad. In total, the service is now available in 15 countries of Europe and is integrated with more than 220 financial institutions.
Some of Neopay’s biggest clients include the gaming company Optibet Group, the biggest electricity and natural gas supplier in Lithuania – Ignitis, and the billing platform Vienasaskaita.lt. Companies that began using the e-payment provider’s services this year include the municipal utilities Vilnius Šilumos Tinklai and Šiaulių Vandenys, the biggest gaming network in the Baltics – Olybet, and dozens of other big players in the market.
NEO Finance AB was the first Lithuanian-owned company to be granted an Electronic Money Institution licence extension authorising the provision of payment initiation services. The company offers payment initiation and account information services under the Neopay brand through secure open APIs with banks and other financial institutions as required by Lithuania’s Law on Payments and the EU’s Payment Services Directive 2 (PSD2).
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The Neopay team